Page 136 - Real Estate

Global housing markets outlook brightens despite higher rates, finds survey

House prices rising in some markets are complicating central banks' efforts to bring overall inflation under control as rental costs can make up about a third of inflation baskets

Brookfield India Real Estate Trust plans to raise up to Rs 3,500 cr

Brookfield India Real Estate Trust plans to raise up to Rs 3,500 crore through issues of units to institutional investors or preferential allotment of units, mainly to fund its proposed acquisition of two commercial properties. Last month, Brookfield India Real Estate Trust (BIRET) and Singapore's sovereign wealth fund GIC had announced an equal partnership to acquire two commercial properties in India for Rs 11,225 crore. The company had proposed to fund the acquisitions through an institutional placement of up to Rs 3,500 crore and said it might also consider other forms of fund raising, including preferential allotment of units. According to sources, Brookfield India Real Estate Trust has started the process to raise funds. When contacted, BIRET spokesperson said that the board of the manager of the REIT has approved an enabling resolution to raise up to Rs 3,500 crore through institutional placement, which is subject to unitholder approval. Of this, Rs 3,400 crore is proposed t

Our members undertook 55 green projects as per IGBC norms: Credai

Realtors' apex body CREDAI on Monday said its members have undertaken development of more than 55 green projects across the country as per the norms of Indian Green Building Council (IGBC) and sought loans at concessional interest rates to promote such projects. In April, Confederation of Real Estate Developers Association of India (CREDAI) entered into a partnership with IGBC to facilitate its members to develop certified environmental-friendly housing projects. The association had pledged the development of 1,000 green-certified projects in the next two years and 4,000 projects by 2030. On the occasion of World Environment Day, CREDAI, in a statement, said, "its member developers have undertaken more than 55 green projects, totalling 32 million square feet with the IGBC, under CREDAI's 'Green Crusaders' Programme." These projects are part of CREDAI's commitment towards developing 4,000 green projects by 2030, it added. "CREDAI is aggressively striving towards increasing awarene

Housing sales clocked a record of Rs 3.47 trillion in FY23: Anarock

The Mumbai Metropolitan Region (MMR) saw the highest market share in terms of both value and volume in FY23

State Scan: Uttar Pradesh to get new Vidhan Sabha building before 2027

The present Vidhan Sabha building, in heart of Lucknow, is nearly 100 years old. UP legislature is bicameral, with 2 houses comprising 403 members and 100 members, respectively

Real estate fraud case: Emaar officials appear before Delhi Police's EOW

Senior officials of realty company Emaar India Limited appeared before the Delhi Police's Economic Offence Wing (EOW) on Friday in an alleged real estate fraud case following summons, sources said. "Officials representing Emaar met with EOW officials and shared the information sought. They assured extending all help with the investigation," a source in the EOW said. The EOW had issued notices for the personal appearances of Dubai-based Emaar Properties managing director Mohamed Ali Alabbar. His representatives appeared on his behalf which the EOW found satisfactory, the sources said. Emaar India Limited is the Indian subsidiary of Emaar Properties of Dubai. On May 26, the EOW had issued summons to Alabbar and senior officials of Emaar India Limited for their personal appearance on June 2 at 2:30 pm in the alleged fraud case in its housing project Palm Garden in Gurugram. The EoW initiated investigation into the case after a homebuyer Manish Kumar Patni lodged a complaint on Januar

Priciest real estate, backbone of digital world: What are carrier hotels?

Located mostly in key cities, the carrier hotels allow the companies to collect, process, and then route the data in one place. Here is all you need to know about them

CREDAI urges to remove GST on free flats given in redevelopment projects

Realtors' body CREDAI has demanded the government should do away with the GST on flats which are given free of cost to existing occupants in redevelopment projects to make them economically viable, especially in the Mumbai region. A delegation from CREDAI and CREDAI-MCHI has met Union Finance Minister Nirmala Sitharaman and made a formal representation in this regard. In the meeting, they expressed concerns over "the impact of GST being levied on redevelopment projects/ rehab flats which are being built and given back, free of cost, to existing occupants", CREDAI said in a statement. With the regulations for redevelopment in Mumbai Metropolitan Region (MMR) coming under the ambit of DCPR 2034 that encourages such projects with a higher FSI (floor space index) allowed for developers, CREDAI MCHI said the GST being levied on such projects is defeating the very purpose of enhancing real estate value as it puts the financial feasibility of numerous projects under severe risk. "Currentl

WeWork leases 0.22 mn sq ft office space in Bengaluru to open 3 centres

Co-working major WeWork India has taken on lease 2.2 lakh square feet office space in Bengaluru to open three new centres with a cumulative capacity of 3,600 desks. At present, Bengaluru-based WeWork India has over 6.5 million (65 lakh) square feet of area across 45 locations in Delhi-NCR, Mumbai, Bengaluru, Pune and Hyderabad. The company has taken on lease 95,000 square feet area at Embassy Golf Links Business Park to set up two centres with a combined capacity of around 1,600 desk spaces, WeWork India said in a statement. It has taken 1.25 lakh square feet in Prestige Tech Park Jupiter, located close to Marathahalli with a capacity of 2,000 desks. Nearly 60 per cent of area has been pre-committed, highlighting the strong demand for flexible workspaces. Out of the three, one facility has become operational and the other two would open soon. WeWork India said it has been expanding its footprint in the country since its inception in 2017. Its revenue rose 70 per cent last calenda

Property registration in Mumbai city may remain flat at around 9,800 units

Registration of properties in Mumbai municipal area is likely to remain flat year-on-year during May at around 9,800 units as demand continues to remain strong, according to Knight Frank India. The real estate consultant said that nearly 9,790 units have been registered till Wednesday evening in this month. The registration process will continue till 9.30 pm. Out of total property registration, more than 80 per cent are residential assets. In May last year, 9,839 units were registered in Mumbai city area (under BMC jurisdiction), it added. Last month, 10,514 units were registered. So, the registration of properties is likely to decline month-on-month basis. State exchequer is likely to earn a revenue of more than Rs 800 crore this month. "The Mumbai residential market maintains its growth momentum with more than 300 properties being registered daily indicating that the demand, especially for residential, continues despite the change in stamp duty, rise in interest rates and other

TARC posts Rs 1.52 cr profit in Q4, revenue jumps 3-fold to Rs 135.53 cr

Realty firm TARC Ltd has reported a consolidated net profit of Rs 1.52 crore for the fourth quarter ended March 2023. Its net loss stood at Rs 242.74 in the year-ago period. Its total income rose to Rs 135.53 crore in the fourth quarter of the last fiscal from Rs 42.43 crore a year ago, according to a regulatory filing. During the full 2022-23 fiscal, TARC posted a net profit of Rs 20.36 crore against a net loss of Rs 232.75 crore in FY22. The total income rose to Rs 374.66 crore in the last fiscal from Rs 300.68 crore in 2021-22. On the operational front, the Delhi-based realty firm achieved sales bookings of Rs 520 crore in the last fiscal against a target of Rs 400 crore. The company is developing many projects in the Delhi-NCR market.

Godrej Group arm to invest Rs 100 cr to acquire material handling equipment

Godrej & Boyce on Tuesday said it will be investing Rs 100 crore over the next three years to acquire material handling equipment. Demand for renting the equipment is high and the capital investments will be by Godrej Rentrust eyeing a share of the same, a statement said. Pegging the overall market at Rs 2,200 crore, the company said it is eyeing business in the auto, engineering, chemicals and pharma, food and beverages, fast-moving consumer goods, logistics, ecommerce and retail sectors. In the January-March period, it received 100 orders from companies for deploying equipment, the statement said. Renting equipment has become a preferred option for businesses seeking managed services and bypassing high upfront costs, the company said, adding that it has grown at over 20 per cent per annum over the last five years.

Disrupting real estate markets

Sebi need not get into the business of regulating the platforms offering fractional ownership rights in real estate

Class action: Sameness of interest is a given

The builder contended there was no sameness of interest: some buyers had accepted compensation, others had protested and accepted, and yet others had refused it outright

Capacit'e Infraprojects Q4 net profit grows 90% on year to Rs 21.65 cr

Construction firm Capacit'e Infraprojects Ltd on Friday posted an over 90 per cent jump in its consolidated net profit to Rs 21.65 crore for the March 2023 quarter, backed by higher income. It had clocked a net profit of Rs 11.39 crore during the January-March quarter of the preceding 2021-22 fiscal, the company said in a regulatory filing. The company also reported a rise in its total income to Rs 448.56 crore against Rs 348.58 crore in the year-ago quarter. Expenses stood at Rs 411.99 crore compared to Rs 332.81 crore a year ago. In a statement, the company said its EBITDA (earnings before interest, taxes, depreciation and amortisation) for Q4 FY23 grew 46 per cent to Rs 85 crore compared to Rs 58 crore in Q4 FY22. While the EBITDA margin for Q4 FY23 rose 19.4 per cent from 16.7 per cent in Q4 FY22. The order book on a standalone basis stood at Rs 9,513 crore as of March 31, 2023. "The performance (of the company) has been remarkable as we continued to accelerate profitable gro

India likely to see listing of 4 REITs in next 18 months: CBRE India head

REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets

Registries of 1,100 flats approved but held up by builders: Noida Authority

The Noida Authority has said subleased deeds, or registries, of 1,097 flats in 21 group housing projects in the city can be executed but are held up by the real estate developers, who are not getting the work done in favour of home buyers. The projects are located in Sector 75, 78, 121, 137, 144, 143B, 108, 168, and 107, the Noida Authority said Tuesday, warning punitive action against the erring developers if the registries are not ensured. It released a list of 21 real estate projects in which registries of a total of 1,097 flats can be executed but are held up. "Uttar Pradesh government has an objective of ensuring that maximum home buyers get possession of their homes. To fulfil the objective, the Noida Authority has been running campaigns but still tripartite subleased deeds, or registries, in favour of homebuyers have not been executed," Noida Authority's officer on special duty (group housing) Prasun Dwivedi said. "Hence, the buyers of builder projects whose flats or towers

Shriram Properties acquires a new project 'Divine City' in Chennai

The project has a revenue potential of around Rs 1,200 crore in the next five years

Five of India's ten richest realty barons saw wealth erosion last year

Among the top 10, Mangal Prabhat Lodha and family of Macrotech Developers saw the steepest wealth erosion of 20 per cent in 2022-23: Grohe-Hurun India Real Estate Rich List 2023

AIPL gives on lease 70,000 sq ft space to corporates in South Delhi

Realty firm Advance India Project Ltd (AIPL) has provided on lease about 70,000 square feet of prime office space at its commercial project in South Delhi to corporates. The project 'AIPL Legacy', located at Okhla, is a joint venture between AIPL Group and Shyam Spectra Pvt Ltd (SSPL). The total leasable area in this project is 88,522 square feet. SSPL owns the land while AIPL has invested about Rs 32 crore for the construction and development of the project. AIPL said in a statement it has leased out office spaces to companies like Orient Electric, Atria Convergence Technologies (ACT), Dormakaba India Pvt Ltd and law firm Bharucha & Partners. "The strategic location of the project in the heart of South Delhi, where there is a scarcity of Grade A+ office space, has resulted in strong demand, said Ishaan Singh, Director, AIPL Group. Gurugram-based AIPL has delivered 60 projects across various cities. It has so far delivered over 7 million square feet of office spaces, 3.7 million ..